The Role of Debt Policy, Dividend Policy, and Investment Decisions on Firm Value
DOI:
https://doi.org/10.38142/jtep.v5i1.1240Keywords:
Debt policy, Dividends, Investment Decisions, Market CapitalAbstract
This study aims to explore the role of debt policy, dividend policy and investment decisions on Firm Value, especially in telecommunications companies, during the period 2019 to 2022. The sampling method used was purposive sampling, and data analysis was carried out using SPSS software version 20. From the findings, the debt policy -DER (X1) affects firm value. The study found that the DER regression coefficient is -41.649, with a t-value of -2.085 and a significance of 0.048 (<0.05), indicating that debt policy significantly affects firm value (H1 accepted). For DPR, the regression coefficient is 68.923, but the t-value is 0.154 with a significance of 0.411 (>0.05), meaning dividend policy does not significantly impact firm value (H2 rejected). This aligns with the bird-in-hand theory, suggesting current dividend payments are preferred over future capital gains. Meanwhile, PER (X3) has a positive regression coefficient of 0.539, a t-value of 0.645, and a significance of 0.025 (<0.05), confirming a positive and significant impact on firm value (H3 accepted). These findings offer insights into the dynamics of debt, dividend, and investment decisions within the telecommunications sector.
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